First time buyer costs and fees
First time buyers usually focus on saving enough money for a deposit.
This is the biggest upfront cost involved in buying your first home, so it makes sense to save up for this first. A deposit for a first time buyer is usually a minimum 10% of the property value.
There are other fees you should consider too, including valuation costs, home insurance and legal or conveyancing fees.
Here’s a breakdown of the fees you’ll pay on your first home.
Mortgage costs
Aside from your deposit, you’ll pay fees to set up your mortgage, including:
Legal costs
You’ll need to hire a solicitor or conveyancer to manage the legal work required to buy your first home. These legal costs are usually split into two categories:
Other costs
There are other costs you should account for when budgeting for your first home, including:
- Home insurance – Lenders will require you to take out buildings insurance. The cost for buildings insurance varies depending on the provider and level of coverage you pick.
- Survey fees – It’s worth setting up your own property survey to see if there are any problems with the property. The price for a survey varies depending on how detailed it is.
- Moving house – You’ll also need to pay to move or store furniture. Moving costs depend on how much stuff you have and how far you’re moving. See our guide on the costs of moving house for a full breakdown.